Unlocking Land Values to Finance Urban Infrastructure

Peterson, George E.

Washington, DC : World Bank

关键词: ACCESS ROADS;    ACCOUNTABILITY;    ACCOUNTING;    ACQUISITION OF RIGHT-OF-WAY;    ADMINISTRATIVE COSTS;   

DOI  :  10.1596/978-0-8213-7709-3
RP-ID  :  46129

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Urban growth throughout the developingworld has created a challenge for financing infrastructure.Investment in infrastructure is needed to provide basicservices for newly developed parts of urban areas. It isneeded to meet the demand for a safer and more reliablewater supply, higher standards for the removal and treatmentof wastewater and solid waste, and the transportationrequirements of a population whose expectations of mobilityrise with household incomes. Infrastructure investment alsois essential to the economic productivity of cities. Thisbook examines an important additional option for localinfrastructure finance: capturing land value gains forpublic investment. Land values are highly sensitive toinfrastructure investment and urban economic growth. Publicworks projects such as road construction, water supply, andmass transit investment produce benefits that areimmediately capitalized into surrounding land values. Manycities in developing countries have underused public landsthat would be more valuable if sold and converted intoinfrastructure assets. Tapping land values was a large partof the investment strategy of Western countries in financingurban infrastructure during the 19th century, when citieswere growing most rapidly. As part of the overall financingmix, using land assets for infrastructure finance hasseveral advantages. Most instruments of this type generaterevenues upfront, making it easier to finance lumpyinvestment projects. Mobilizing finance from landtransactions also generates price signals that increase theefficiency of urban land markets and help rationalize theurban development pattern.